Worldwide plant based meat market was US$ 5.6 Billion in 2020 and will grow with a double-digit CAGR of 15% during the forecast years of 2020-2027 to reach US$ 14.9 Billion by 2027.
Plant-based meat offers an alternative combining ingredients in novel ways. It delivers the complete culinary experience of meat without the need for any single animal. Plant-based meat fits seamlessly into consumers' due to culinary traditions. Globally, apprehension regarding healthy diet surge coupled with the increasing awareness about animal rights is driving the plant-based meat industry.
Currently, plant-based meat is an essential component of the vegan diet, in which people adopt a plant-based eating lifestyle that is devoid of animal-based foods. Plant-based food products contain protein, vitamins C, iron, and fibre intakes and processed in lower saturated fats and calories. Besides, due to its meaty texture, juiciness, and more fibrous consistency like meat, worldwide increasing consumption of plant-based meat is giving traction to this market.
On the health prospect, plant-based meat controls blood cholesterol, heart diseases, and other diseases. According to The IDF Diabetes Atlas Ninth edition, in the year 2019, approximately 463 million adults (20-79) had diabetes. By 2045, this figure is expected to rise to 700 million diabetic patients worldwide. Plant-based meat can prevent and even reverse a litany of food and lifestyle-bear illnesses, type2 diabetes and heart disease.
Besides, across the globe, manufacturers ranging from start-ups to leading consumer packaged goods (CPG) companies are innovating rapidly in the plant-based meat category. Even the world's largest meat companies embrace plant-based meat due to affordability; diversity, accessibility & quality; and vegetarian lifestyle.
Strategic initiatives by plant-based meat and new product launch would remain the most comprehensive production strategies by market key players:
In June 2020, Beyond Meat announced the expansion of plant-based production capacity and acquiring a new production unit in Enschede in Europe, the Netherlands, and opening a new co-manufacturing facility with Zandbergen World's Finest Meat in Zoeterwoude, the Netherlands.
January 2020, Impossible Foods launched plant-based sausage and meat. As the Impossible Burger, Impossible Sausage and Impossible meat are gluten-free, have no animal hormones or antibiotics, has designed for halal and kosher certification, and Impossible Sausage and Impossible Pork both use soy as their key element. Impossible meat substitutes taste and look like meat.
Growing concerns about animal cruelty increases plant-based meat demand.
Increasing consciousness about the health benefits offered by plant-based meat over animal meat.
Rising consumption of soy-based meat due to similar texture & flavour as meat.
Increasing adoption of vegan & flexitarian lifestyles attributes growth of plant-based meat.
Special price of plant-based meat in comparison to traditional meat.
Discernment regarding the taste of plant-based meat products.
Favourable marketing and correct positioning of plant-based meat.
Innovation, New product launches, partnership and Merger & Acquisition.